On October 6th, according to the official WeChat account of Faraday Future, Faraday Future (FFIE.O) announced that the company will hold an event at its headquarters in Los Angeles, California to deliver the FF 91 2.0 Futurist Alliance to FF founder and Chief Product and User Ecosystem Officer Jia Yueting. Jia Yueting will participate in the FF Co-creation Mission Program and continue to focus on improving FF vehicles and technologies.
According to the introduction, Jia Yueting’s delivery co-creation activity will be divided into three stages:
On the day of the delivery co-creation activity, Jia Yueting will introduce the complete research and development process of FF 91 2.0 through video, and outline the company’s next stage of developer co-creation strategic planning.
Within one month after product delivery, Jia Yueting will organize company executives to participate in product co-creation meetings, provide feedback based on their own product experience, and continuously improve user experience.
One month after product delivery, he will continue to provide product feedback through daily driving and usage, while also providing reference suggestions for the development of FF’s next-generation products.
According to Jia Yueting’s Weibo, FF will also introduce a world-renowned top music superstar as the next FF 91 2.0 Futurist Alliance car owner and co-creator. This superstar is a winner of international music awards such as Grammy, American Music Awards (AMA), BET Black Entertainment Television Awards, MTV Music Awards, etc., and their unique style has swept the globe.
Furthermore, FF revealed that within October, they plan to hold weekly ‘Delivery Co-creation Day’ events.
On September 27th, Faraday Future officially released a letter from FF’s Global CEO Matthias Aydt addressed to all shareholders.
The letter mentioned that over the past nine years, we have invested approximately $3 billion in making FF a leading player in the emerging electric vehicle industry. These funds have been put into our products and technologies, enabling us to deliver our flagship model, the FF 91.
The large-scale and high-quality delivery remains the company’s current most important strategic goal. While obtaining additional financing, the company plans to deliver more FF 91 2.0 Futurist Alliance vehicles to top-tier users this year and enhance production capacity and sales in the future.
The company is currently making unremitting efforts to solve the funding problem. Firstly, as the company enters the delivery stage, we expect to obtain funds from car sales and existing unrealized financing commitments to meet the capital needs for expanding production capacity. Secondly, our effective shelf registration statement provides an efficient financing tool to raise funds and secure a new round of financing. Thirdly, the company is actively communicating with strategic investors to alleviate the funding issue.
However, it is worth noting that according to the data released by FF, in the third quarter of this year, FF only delivered three units of the FF 91 2.0 Futurist Alliance.
In his letter to shareholders, Matthias Aydt stated that although the company is entering its most important phase since its establishment, we are fully aware of the challenges that the company needs to address and overcome, including obtaining the necessary funding to support future growth. Today, we have submitted an application for registration of an ATM financing plan. Having this plan will provide the company with greater financial flexibility and diversified options. By working with our investment banking team through ATM, the company will be able to raise funds from the market at market prices. This allows us to discontinue our equity line of credit (ELOC) program and move away from relying on convertible note financing as we did in the past year. With the ATM plan in place, the company hopes to return to a more traditional corporate financing structure to support future financial growth.
FF claims to be ready to expand production capacity and will continue to increase output in order to achieve the company’s short- and medium-term strategic goals.